What challenges did Deutsche Bank face in 2013?
Jain: ― Deutsche Bank faced a number of challenges during 2013. The global economy continued to recover, but at different speeds: growth in the US and Asia-Pacific was significantly stronger than in Europe. Interest rates remained very low, as many governments and central banks around the world continued to provide stimulus through pumping liquidity into their economies. Business volumes in some businesses were muted, and many clients remained risk-averse despite stronger equity markets. Regulation of the banking industry continued to tighten with a renewed focus on leverage and, more recently, structural reform. Additionally, the banking industry confronted significant litigation costs relating to issues which arose in past years.
Against this backdrop, how did Deutsche Bank perform?
Fitschen: ― Group pre-tax profits for 2013 were up by more than 79 % to € 1.5 billion, while Core Bank reported pre-tax profits up 27 % to € 4.8 billion. While we’re pleased with the year-on-year improvement, we’re not satisfied with this level of profitability. We have the potential to deliver more for our shareholders, and Strategy 2015+ is designed to deliver that potential.Read the entire interview